The Global Automotive Sensors Market accounted for $23.89 billion in 2016 and is expected to reach $40.23 billion by 2023 growing at a CAGR of 8.1% from 2016 to 2023.

Growing demand for comfort, safety and convenience, rising vehicle electrification, improving government safety standards are some factors that are anticipated to stimulate the market growth globally. However, huge cost of raw materials and lack of aftermarket for sensors are acting as key barriers for the market growth.

Safety & control application segment is expected to witness high compound annual growth rate. The growth is attributed to raising awareness about vehicle safety, and increasing various regulations. Position sensors are leading the market by its market revenue due to high adoption in passenger cars.

By geography, Asia Pacific is projected to register the largest market share and is anticipated to grow with a highest CAGR during the forecast period attributed to rising demand for safer vehicles and growing automobile industry in emerging economies such as China and India.